Japan's parliament passed a law on Thursday to legalize casinos, ending 15 years of political argument and opening the way for projects that combine high-stakes gambling with hotels, shopping and conference space.

Axar.az informs, as few as three casinos could generate nearly $10 billion in net profit annually, Daiwa Research Institute estimated, equivalent to 0.2 percent of Japan's gross domestic product.

Still, casinos will not be in operation until 2022-23 at the earliest, gaming executives have said. Fresh legislation is needed within a year to set out details on regulation, tax rates and dealing with social ills such as gambling addiction and organized crime.

International gaming companies including Wynn Resorts Ltd, MGM Resorts International and Caesars Entertainment CorpD have been considering investing in Japan, and may have to battle to win operating rights.